David Sacks, the White House-appointed ‘Crypto Czar,’ announced on Tuesday that he sold all his cryptocurrency holdings to follow government ethics rules. However, he said he would have preferred to keep them. Sacks, who has been investing in cryptocurrency for a long time, responded to media reports that claimed he “dumped” his assets before joining the government.
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Following Government Rules
Sacks explained that selling his crypto was not his choice but a requirement by the U.S. Office of Government Ethics. According to the rules, government officials involved in cryptocurrency policy must sell their digital assets to prevent conflicts of interest.
“Why does the media always try to make crypto look bad? I did not ‘dump’ my cryptocurrency; I was required to sell it,” Sacks wrote on social media platform X.
Selling His Crypto Holdings
Earlier this month, Sacks confirmed that he sold all his cryptocurrency investments, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before taking his new government role under the Trump administration. However, his investment company, Crypto Ventures, still owns shares in crypto-related startups, though he personally no longer has direct holdings.
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Political and Crypto Industry Connections
Sacks has been a strong supporter of former President Donald Trump and helped raise $12 million for Trump’s campaign last year, along with investor Chamath Palihapitiya.
His appointment as ‘Crypto Czar’ in December 2024 has sparked mixed reactions. Some see him as someone who will support crypto-friendly policies, while others worry about his past investments creating conflicts of interest.
Now that he has sold his crypto holdings, Sacks is set to play a major role in shaping U.S. cryptocurrency policies under the Trump administration, an area that continues to face government scrutiny and new regulations.
